Ninja explores Riyadh listing as Saudi market holds steady despite tensions

• Saudi Arabia-based q-commerce startup Ninja is considering an IPO in Riyadh, as it explores listing options following strong growth and increasing investor engagement.
• The company generated around $1 billion in revenue in 2025 and targets $1.6 billion in 2026, highlighting rapid expansion across Saudi Arabia and regional markets.
• Founded in 2022, Ninja raised $250 million in 2025 led by Riyad Capital, reaching a $1.5 billion valuation and joining Saudi Arabia’s growing pool of tech unicorns.
• The potential listing could help revive Saudi Arabia’s IPO market amid regional volatility while reinforcing the Kingdom’s push to position itself as a hub for technology and capital markets.

Press release:

Saudi-based quick-delivery startup Ninja is evaluating an initial public offering (IPO) in Riyadh, as it looks to capitalise on strong growth and increasing investor interest in the Kingdom’s technology sector.

Founded in 2022, Ninja operates an online supermarket platform delivering groceries, medicines, and everyday essentials across Saudi Arabia and expanding into regional markets. The company has rapidly scaled its operations, positioning itself as a key player in the region’s quick-commerce space.

The startup generated approximately $1 billion in revenue in 2025 and is targeting $1.6 billion in 2026, reflecting significant year-on-year growth. In 2025, Ninja raised $250 million in funding led by Riyad Capital, reaching a $1.5 billion valuation and joining Saudi Arabia’s growing list of tech unicorns.

Ninja has recently engaged with investors, including during a London banking conference, to assess appetite for a potential listing. The company is currently finalising decisions on IPO timing and selecting advisory banks, with the offering potentially taking place later this year or in early 2026, subject to market conditions.

A successful IPO could help revive Saudi Arabia’s listings market, which has experienced a slowdown amid regional volatility. However, the Kingdom’s stock market has remained relatively resilient, supported by strong oil prices and limited direct exposure to regional conflicts.

Ninja’s potential listing underscores Saudi Arabia’s broader efforts to develop its capital markets and position itself as a regional hub for technology, innovation, and investment.